Binance Stocks Will Enable Whole-Share Limit Orders for SPCX Starting June 12

According to the announcement from Binance, Binance Stocks will allow users to place whole-share limit orders for SPCX stocks starting from 2026-06-12 09:05 (UTC), as part of an effort to expand trading choices and adjust the trading experience around the stock’s initial trading period. Binance said orders will be queued and will not be executed until the market is officially open for SPCX. Citing historical Nasdaq behavior for high-profile IPOs, Binance noted the symbol is not expected to open at the usual 13:30 (UTC), and that the initial price discovery phase typically lasts for several hours. Prior to the opening cross, only limit orders are supported, with both Good Till Cancel (GTC) and day orders available; market orders are not supported. Binance also said Day 1 trading will close at 2026-06-12 20:00 (UTC) and will not resume until 2026-06-15 13:30 (UTC) at the regular market open. Market Conditions and Order Handling: Binance said Limit Up Limit Down (LULD) bands apply to all National Market System (NMS) stocks, including IPOs, and trading may be paused if the price moves outside the LULD band. If Nasdaq halts SPCX, trading will resume only after the halt is lifted. During a halt, no new orders can be placed; pending status market orders will be cancelled, while pending status limit orders will remain. Trading Session and Product Limits: Fractional orders and notional orders are not supported within the first 5-minute of live trading for day 1 (2026-06-12) and day 2 (2026-06-15 13:30 UTC -2026-06-15 13:35 UTC). Pre-market, post-market, and overnight sessions will be disabled on Day 1 and may be unavailable during the first few days. Broker Controls and Settlement: Binance said partnered brokers may enforce net buy restrictions or caps, potentially rejecting new buy orders while allowing risk-reducing sell orders. Fully Paid Securities Lending (FPSL) for SPCX will be eligible when shares from trades are fully settled (T+1 trading day).